Invest NI: Kieran Donoghue made CEO after critical review

Kieran Donoghue previously worked at IDA Ireland, another inward investment agency

Invest NI has announced the appointment of a new chief executive officer.

Kieran Donoghue will take over the top position at Northern Ireland's economic development agency early next year.

He is currently global head of strategy, public policy and international financial services at IDA Ireland. He also has international experience, including in Washington DC.

Invest NI has been through a difficult time in recent years.

In December 2021, the then-chief executive, Kevin Holland, stood down unexpectedly.

Since then, the organisation has been run on an interim basis by Mel Chittock.

'Profound divisions'

Earlier this year, a review of Invest NI, led by Sir Michael Lyons, found 'profound divisions' at the top of the organisation.

In the aftermath of that report, the then-chair of Invest NI, Rosemary Stalker, said she would not seek a further extension of her term.

The review also raised questions about a central plank of Invest NI's support for businesses, which is known as the "client company" model.

It means that when certain criteria apply, specific companies become eligible to receive tailored, ongoing support.

The review said that there were strengths to this model, but it meant that a sizeable amount of Invest NI's financial support was tied up in repeat assistance to a very small number of firms.

The economic development agency has also seen its budget reduced, following the loss of EU funding post-Brexit and general financial pressures at Stormont.

The organisation has since published an action plan which says focus will shift from job creation to overall productivity.

Mr Donoghue will replace Invest NI's interim CEO, Mel Chittock, who remains in the role until next year.

He said he was 'delighted to take up this very important role.'

The IDA is considered to be one of the world's most successful inward investment agencies, attracting high value jobs in sectors like pharmaceuticals, medical devices and digital technologies.